Tech savvy Brits see Bitcoin as ‘the currency of the future’

While nearly a third of Britons questioned in a poll said they had heard of Bitcoin, many of those who are aware of it (38%) think it will be the currency of the future.

In the first ever major consumer survey of attitudes towards Bitcoin and digital currency, seven out of 10 Brits (69%) who had heard of Bitcoin said that they trusted Bitcoin, with 14% saying they trusted it more than the pound sterling.

Research conducted by On Device Research in association with st-art, the organisers of the forthcoming Bitcoin London conference, also found high levels of confidence in Bitcoin in the US and Argentina, the two other territories where the research was conducted.

In Argentina, where Bitcoin awareness is higher than in the UK or US, 73% of those who’d heard of Bitcoin trusted it, with 22% having more confidence in Bitcoin over the peso. 62% of Bitcoin-aware Americans trusted the digital currency, with 16% having more trust in it than the dollar.

Other key findings of the report include:

-Nearly a third (32.2%) of Britons had heard of Bitcoin, compared to a quarter of Americans -16% of Bitcoin-aware Americans trust Bitcoin more than the dollar -44% of Bitcoin-aware Argentinians find Bitcoin appealing as it means they don’t have to deal with financial institutions

“Confidence and awareness of Bitcoin and digital currency is growing fast as perceptions of traditional currency have been hit hard by the recent financial crisis,” said Pamir Gelenbe, founder of st-art and Hummingbird Ventures Venture Partner.

“While negative perceptions of the national currency and high levels of confidence in Bitcoin might not come as such a surprise in Argentina, the data from the UK and US is more striking – with high levels of awareness and a strong feeling that digital currencies are the future.

“Digital currency also represents a significant opportunity to help the four billion people on this planet that don’t have bank accounts – Bitcoin makes it possible to hold money on a phone or PC and transfer money seamlessly from anywhere to anywhere in a split second, without expensive wire transfer fees.

“Over time, these ‘unbanked’ consumers around the world will adopt Bitcoin – just like they have adopted mobile phones – and use it to store and transfer their money,” he continued.

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